Growth with Self-Reliance Principle

Authors

  • Prasanna Byahatti

Keywords:

GDP , growth, crisis and self reliance

Abstract

We will celebrate next year the 75th anniversary of Independence in August 2022, and the 75th anniversary of being a Republic and Sovereign country in four years hence. We are about to overtake China as the most populous country.  With GDP  of size of less than Rs 900 crore at the time of independence now  are about to cross$ 3 trillion. India's road ahead, however, was rocky and uncharted, and the challenges enormous. Close to half its 376 million people were mired in grinding poverty, malnutrition and illiteracy. Though majority of our population is dependent on agriculture its contribution to GDP is less.  Agriculture's contribution to India's GDP has come down from 54.4 per cent at the time of Independence to 17 per cent now, but it continues to employ 60 per cent of the population. India's share of world income was just 3.8 per cent in 1950s, and foreign trade was almost non-existent, The reforms initiated by the Government took slow growth till 1990s. Economic liberalisation in 1991 paved the way for faster economic growth with employment and investment by MNCs in core sector.   The core sectors like Steel and Mines, Automobiles and Electricity generation etc. are seeing growth with increasing demand. Highways and houses are now being constructed at faster rate aided by number of schemes announced by the governments from time to time. We can find about 5.9 million kilometres of roads and highways, the second-largest network in the world. Over 90 million toilets built by 2019 have aided in preserving our ecology, in reducing pollution.  A 2019 UNDP report offers the most recent correlation between economic growth and well-beingness. The improvements in sanitation and nutrition helped India lift over 270 million people out of poverty in the last fifteen years. There are many challenges we will face. We still have to provide affordable healthcare to reach the WHO criterion. The Covidpandemic and the massive economic crisis caused by the lockdown have affected our growth target but far better than the developed nation in saving lives of people. The government announced self reliance i.e. AtmaNirbhar Movement last year to help local industries and service sector. The economic activities are gathering momentum in the last six months. Many of industries are  reaping the benefits slowly.  In Defence sector we can see self-reliant in procuring components that can boost industries.  Once the core industries focus on self-reliance the MSME sector will  bear fruits that will help employment, consumption and saving and improvement in service sector.

Published

2022-01-03

How to Cite

Byahatti, P. . (2022). Growth with Self-Reliance Principle. NOLEGEIN- Journal of Business Risk Management, 4(2), 29–32. Retrieved from https://mbajournals.in/index.php/JoDBCM/article/view/725